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Approximate Robustness Of Equilibrium To Incomplete Information

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  • Ori Haimanko

    ()
    (BGU)

  • Atsushi Kajii

    (KIER, Kyoto University)

Abstract

We relax the Kajii and Morris (1997a) notion of equilibrium ro- bustness by allowing approximate equilibria in close incomplete infor- mation games. The new notion is termed "approximate robustness". The approximately robust equilibrium correspondence turns out to be upper hemicontinuous, unlike the (exactly) robust equilibrium corre- spondence. As a corollary of the upper hemicontinuity, it is shown that approximately robust equilibria exist in all two-player zero-sum games and all two-player two-strategy games, whereas (exactly) robust equilibria may fail to exist for some games in these categories.

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Bibliographic Info

Paper provided by Ben-Gurion University of the Negev, Department of Economics in its series Working Papers with number 1209.

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Length: 19 pages
Date of creation: 2012
Date of revision:
Handle: RePEc:bgu:wpaper:1209

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Related research

Keywords: incomplete information; robustness; Bayesian Nash equi- librium; ?-equilibrium; upper hemicontinuity; zero-sum games.;

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References

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  1. Ui, Takashi, 2001. "Robust Equilibria of Potential Games," Econometrica, Econometric Society, vol. 69(5), pages 1373-80, September.
  2. Atsushi Kajii & Stephen Morris, . ""The Robustness of Equilibria to Incomplete Information*''," CARESS Working Papres 95-18, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences.
  3. Stephen Morris & Takashi Ui, 2003. "Generalized Potentials and Robust Sets of Equilibria," Cowles Foundation Discussion Papers 1394, Cowles Foundation for Research in Economics, Yale University.
  4. Jonathan Weinstein & Muhamet Yildiz, 2007. "A Structure Theorem for Rationalizability with Application to Robust Predictions of Refinements," Econometrica, Econometric Society, vol. 75(2), pages 365-400, 03.
  5. Oyama, Daisuke & Takahashi, Satoru, 2011. "On the relationship between robustness to incomplete information and noise-independent selection in global games," Journal of Mathematical Economics, Elsevier, vol. 47(6), pages 683-688.
  6. Monderer, Dov & Samet, Dov, 1989. "Approximating common knowledge with common beliefs," Games and Economic Behavior, Elsevier, vol. 1(2), pages 170-190, June.
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Cited by:
  1. NORA, Vladyslav & UNO, Hiroshi, 2012. "Saddle functions and robust sets of equilibria," CORE Discussion Papers 2012050, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).

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